New Delhi, January 16
Prime Minister Narendra Modi interacted with entrepreneurs at the Bharat Mandapam on Friday to mark National Startup Day and the tenth anniversary of the Startup India initiative, as founders credited government backing for enabling deep-tech innovation. The event highlighted the growth of the domestic ecosystem, which has transitioned from a policy framework into a global innovation hub over the last decade.
Speaking to ANI at the sidelines of the Startup India initiative in Bharat Mandapam, startup founders shared insights into their entrepreneurial journeys and the impact of state-led support. Aishwarya Karnataki, Founder and CEO of Glovatrix, noted that the last decade has been "incredibly helpful not just for my startup but for the entire startup ecosystem."
Having raised over one crore rupees in non-dilutive government grants over five years, she emphasized that her venture, which developed an AI-powered glove for the speech-impaired, would not have started without this assistance. "Nobody was willing to take risk in us initially, but then the government backed us up and five years later here is where we are," she said.
The Pune-based founder explained that her product, 5th Sense, translates sign language to voice to ensure "every deaf person can communicate with independence and dignity."
Karnataki also highlighted the global recognition received by Indian startups, noting that her firm was the first Indian startup to win global awards in Geneva and Croatia by the UN and WorldSkills. Recalling her interaction with the Prime Minister at the event, she said, "He came to my stall and he asked me about my startup, saw my demo, listened to what I had to say with a lot of focus and gave me words of encouragement."
Samuel John, Founder and CEO of weather forecasting company mistEO, remarked that India offers unparalleled support for new ventures compared to global standards. "Nowhere in the world startups are so supported other than India. India is where startups are supported really fully," John said, adding that while Europe may offer grants, Indian support often provides significantly higher capital.
His Trivandrum-based company, established in 2019, pivoted during the pandemic to build an indigenous livestock heat load index and now works with the Indian Air Force and NABARD.
John stressed the importance of technological sovereignty and building for the domestic market. "We need to ensure that we develop for India first, we use it in India first, then we take it to the world," he stated.
He noted that the next decade would see India moving ahead of the curve in technology adoption and funding, provided there is a continued push for "patient capital" and "enlightened policy" to support deep-tech and aspirational technology startups.
Commander Sudheesh TM (retd), Chief Technology Officer of mistEO and a Navy veteran, spoke about the transition from military meteorology to the startup ecosystem. He described the move as a "huge risk" but a necessary challenge to convert weather forecasts into intelligence that protects "economic interest, life and livestock from the extreme weather events."
Reflecting on his interaction with the Prime Minister, Sudheesh said the experience was "invoking to work more towards solving the problems of the society rather than only going towards just completing the projects and products."
The founders also suggested further reforms in the upcoming budget, including simpler regulatory laws for agile organizations and reserved grants for innovative "moonshot" startups that traditional investors may avoid.
The founders expressed optimism that the integration of deep tech and accessibility-related ventures will position India as a global leader in these sectors over the next decade.
- ANI
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